Akash J. Palkhiwala Sells 3,925 Shares of QUALCOMM, Inc. (NASDAQ:QCOM) Stock
QUALCOMM, Inc. (NASDAQ:QCOM) CFO Akash J. Palkhiwala sold 3,925 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $102.42, for a total value of $401,998.50. Following the completion of the transaction, the chief financial officer now owns 17,790 shares in the company, valued at approximately $1,822,051.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of NASDAQ:QCOM opened at $105.61 on Friday. The business’s 50 day simple moving average is $90.67 and its 200-day simple moving average is $82.54. The firm has a market capitalization of $120.94 billion, a price-to-earnings ratio of 44.56, a price-to-earnings-growth ratio of 1.98 and a beta of 1.34. The company has a debt-to-equity ratio of 4.67, a current ratio of 1.97 and a quick ratio of 1.39. QUALCOMM, Inc. has a 12 month low of $58.00 and a 12 month high of $107.75.
QUALCOMM (NASDAQ:QCOM) last posted its earnings results on Wednesday, July 29th. The wireless technology company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.15. QUALCOMM had a return on equity of 78.39% and a net margin of 13.72%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company earned $0.80 EPS. QUALCOMM’s revenue was down .1% on a year-over-year basis. On average, equities analysts anticipate that QUALCOMM, Inc. will post 3.08 earnings per share for the current year.
Several brokerages recently issued reports on QCOM. Piper Sandler boosted their price target on QUALCOMM from $80.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday. Charter Equity restated a “hold” rating on shares of QUALCOMM in a research report on Thursday, April 30th. Bank of America boosted their price target on QUALCOMM from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. KeyCorp boosted their price target on QUALCOMM from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Rosenblatt Securities lifted their price objective on QUALCOMM from $105.00 to $130.00 and gave the company a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. QUALCOMM currently has a consensus rating of “Buy” and an average target price of $106.36.
Hedge funds have recently bought and sold shares of the stock. Hexavest Inc. lifted its stake in QUALCOMM by 109.6% in the 2nd quarter. Hexavest Inc. now owns 327 shares of the wireless technology company’s stock valued at $30,000 after buying an additional 171 shares in the last quarter. RMR Wealth Builders purchased a new stake in QUALCOMM in the 4th quarter valued at approximately $34,000. Harwood Advisory Group LLC purchased a new stake in QUALCOMM in the 1st quarter valued at approximately $32,000. Advisory Alpha LLC lifted its stake in QUALCOMM by 493.9% in the 1st quarter. Advisory Alpha LLC now owns 487 shares of the wireless technology company’s stock valued at $36,000 after buying an additional 405 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its stake in QUALCOMM by 118.7% in the 1st quarter. Sound Income Strategies LLC now owns 503 shares of the wireless technology company’s stock valued at $34,000 after buying an additional 273 shares in the last quarter. 74.50% of the stock is currently owned by hedge funds and other institutional investors.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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